Exports may touch $235 bn in FY11
With a 49.8% jump in February, India's exports have crossed the $200 billion target and are likely to touch $235 billion for fiscal 2010-11, Commerce Secretary Rahul Khullar said Thursday.
"We crossed the $200 billion-mark in February and now our forecast this fiscal is around $235 billion," Khullar told reporters here.
Exports surged 49.8% to $23.6 billion in February.
The government had set a target of $200 billion exports for the current fiscal.
However, beating the government's forecast, exports crossed the $200 billion-mark in just 11 months on the back of improved demand for Indian goods in the US, Europe and other emerging markets.
During the April-February period, total exports reached $208.2 billion, registering a growth of 31.4%.
Imports have increased 18% to $305.3 billion in the first 11 months of the current fiscal, resulting in a trade deficit of $97.1 billion.
On sectoral growth in exports, the commerce secretary said that during the April-February period, exports of engineering goods surged 81% to $52.7 billion; gems and jewellery, 5.4% up at $26.9 billion; petroleum oil and lubricants, 34% up at $32.9 billion; cotton yarn, 43% at $4.9 billion and electronics, 40% at $7 billion.
Exports of plastic increased 41% at $4.1 billion; chemicals, 22% at $7.5 billion; pharmaceuticals, 15% at $9.1 billion; carpets, 37% at $0.9 billion; leather, 11% at $3.3 billion; and marine products, 20% at $2.3 billion.
Reacting to the data, Ramu S Deora, president of the Federation of Indian Export Organisations, said Indian exports were likely to touch the $500 billion-mark by 2014-15.
"The economic integration of India with the rest of the world has resulted in such exponential growth in India's exports," said Deora.